Ensuring the reliability of process gas compressors is critical for underground gas storage, as piston rod fractures can lead to serious accidents, such as natural gas leaks or explosions. On-time monitoring and early detection play a vital role in preventing catastrophic consequences, minimising costs, and reducing production losses due to unplanned downtime. This study presents a novel accelerated life-testing method designed to replicate the fracture events of reciprocating compressor piston rods. By accelerating the induced crack initiation and propagation to the final fracture, comprehensive analyses of the fracture results are performed to reveal the piston rod fracture mechanism and the resulting secondary damage to the unit. The research further presents an innovative approach for identifying piston rod crack propagation by means of acoustic emission. Through kinetic analysis and time–frequency domain analysis, the study elucidates two mechanisms responsible for triggering crack signals during the compressor operation: the contact impact between the crosshead pin and the bearing due to the piston rod load reversal, and crack propagation occurring before the maximum tensile load is reached. In addition, the study identifies the piston rod crack expansion signal frequency band and achieves a high-sensitivity identification of crack dynamic growth by extracting signal sub-band features associated with crack propagation. Then, a prediction model of the fatigue crack growth rate was established based on the AE energy release rate, which provides a quantitative assessment of dynamic crack propagation during compression. This method aims to provide a maintenance strategy for piston rod fractures, thereby increasing the operational safety of critical dynamic equipment in underground gas storage.